How to Sell a For Sale By Owner House
If you think selling your house on your own is as easy as tacking a "For Sale" sign on your home, think again. Different than hiring a Realtor to peddle your house, selling it on your own can take time, patience and some understanding of the process. If you choose to sell your house on your own, you will be your own real estate agent; therefore, you'll have to act like one.
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Instructions
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Come up with a suitable price for your house, based on your own research of other comparable homes within your area. Conduct an Internet search, visit other similar properties and ask real estate agents what they think the price of your home should be. Remember, they may try to get your house as a listing and that their price quotes may be inflated because of this. Even in a weak market, a property will sell if it is priced correctly, so be careful not to overprice yourself based on your market and other regional factors.
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Purchase "For Sale" and "For Sale by Owner" signs at the local hardware store. Also, buy "Open House" signs, then write your telephone number on all of them along with some of the home's details and post throughout your neighborhood and surrounding area.
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Advertise your home and post weekly on Craigslist. Also, consider spending some money to advertise in your local paper's real estate section. Send emails out to friends regarding the sale of your home. Create a website for your home and tell others about it; promote via social networking sites.
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Host a weekend open house. Try to have your open house at the same time as others on your street that are listed with brokers. The traffic generated by the brokers' advertising will help with getting buyers to your home if directed to it with signs, balloons and other promotional materials.
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Find a brokerage that will post your site on the multiple listing service; also known as MLS. Find a real estate company that has a For Sale By Owner package that offers access to MLS. These companies charge a flat fee instead of a percent of the sales price. You may be required to pay a commission in most cases when taking this action.
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Complete the seller's disclosure form. Provide buyers with a sheet of information that discloses any defects or possible problem areas within your home. While this protects you later in the deal, it also ensures that potential buyers know about the defects before they offer, and as a result, will be hard pressed to demand money off after an inspection when, presumably, the inspector points out the items that you've already disclosed.
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Be patient. Most people who visit your home are either not serious buyers or are serious buyers that are looking for something else. Do not get overly excited each time a person comes through your door.
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Tips & Warnings
Offer a competitive commission to agents with buyers; usually half of the standard commission used when two agents are involved. You will be saving on commission even if you have to pay a buyer's agent because you will act as your own seller's agent.
Since you do not have an agent representing you, it may be wise to have a lawyer assist you in the sale of your property to make sure the deal goes smoothly. Also, you may be bombarded with brokers and agents trying to get your listing. Instead of being defensive or aggressive with these agents, listen to what they say and tell them that you are offering a commission if they have a buyer.
References
- Photo Credit Forsalebyowner.com
